
Investors sent shares of Medtronic (NYSE:MDT) to a year-long high yesterday, a day ahead of the medical device company’s scheduled earnings release for its fiscal 1st quarter.
Shares in the world’s largest pure-play med-tech firm hit $41.57 – a 52-week high – on their way to a $41.45 close on Wall Street yesterday afternoon, ending the trading day up 1.5%. Since August 22, 2011, MDT shares have gained 32.5%.
Medtronic in May posted a 28% profit surge during its fiscal 4th quarter profits, beating Wall Street’s expectations by a penny on sales growth of 4.4%.
Analysts on The Street are expecting Medtronic to post adjusted earnings per share of 85¢.
Special attention will be paid today to Medtronic’s bread-and-butter cardiac rhythm management numbers, seen as a bellwether for the CRM market as a whole, and to its spine business. Both sectors have slumped since the economic downturn began as the oughts wound down.
You can learn more about how Medtronic fits with its peers in the medical device industry with MassDevice.com’s Big 100. Why not check out a free sample?